French infrastructure investment group Meridiam has officially become the majority shareholder of the Great Sea Interconnector (GSI), marking a significant step forward for the electricity link between Cyprus and Greece.

The agreement was signed on Wednesday at Greece’s Maximos Mansion in the presence of Prime Minister Kyriakos Mitsotakis, who described the project as strategically important for regional energy security and for ending Cyprus’ energy isolation from the European electricity grid.

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Mitsotakis also said the deal demonstrates Greece’s ability to attract international investors and pledged continued government support to ensure the project moves forward.

Project Gains New Momentum

Alongside the shareholder agreement, Greece’s Independent Power Transmission Operator (IPTO), GSI and French cable manufacturer Nexans signed a separate agreement covering seabed survey work, one of the next stages in the project’s development.

Greek officials said Meridiam’s entry strengthens the project’s financial position and credibility, creating better conditions to accelerate construction. IPTO will remain a strategic shareholder, retain technical responsibility for the project and operate the interconnector once it is completed.

The European Investment Bank is also assessing potential financing, while IPTO is preparing to submit a cost-benefit study for the planned Cyprus-Israel electricity interconnection to regulators in Cyprus and Israel.

Long-Term Infrastructure Investor

Founded in 2005 and headquartered in Paris, Meridiam specialises in financing, developing and managing long-term infrastructure projects. Its portfolio includes more than 130 projects across Europe, North America, the Middle East and Africa, spanning sectors such as transport, energy and water infrastructure.

Among its flagship investments are the NeuConnect electricity interconnector between the UK and Germany, Sofia Airport in Bulgaria and the Florence tram network in Italy.